Majority of SMSF establishments based on bad advice: ASICBY KARREN VERGARA | THURSDAY, 6 NOV 2025 12:37PMNearly two thirds of SMSFs established under the recommendations of a financial adviser are unsuitable to their needs and put retirement savings at risk, an ASIC review reveals. Related News |
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Featured Profile
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
Hallelujah!
I continuously see people with a Self Managed Super Fund that is totally unsuitable for them. Most notably they have been put in property developments that are not worth what they paid for them years later. PLUS they are often classed as a wholesale investor when they don't know their elbow from their armpit. Critically, going into Retirement with an SMSF ignores the tendency for diminished capacity.
"also lose important protections, including the benefits of prudential regulation and the ability to make a complaint about the fund or its trustees to AFCA" - worrisome.